With this in mind, the experts at MOV8 Real Estate have pulled together five important things everyone should know in order to land the property they want.
Demand is high - be ready to move fast
Zoopla recently reported that 1 in 16 privately owned homes changed hands in the UK in 2021, making it the busiest year in the property market since 2007.
Put simply, lots of people are looking for a new home, which means when new properties come to the market you will need to be ready to move relatively quickly, so it’s a good idea to make sure you have the following in order so that if you do want to make an offer you can do so quickly:
A solid understanding of your finances, including the maximum amount you can afford to offer on a property
A mortgage in principle - an independent mortgage advisor will be able to arrange this for you
A really clear idea on what you want from your first home. Have a list of things that are essential and things that you are happy to compromise on
A solicitor estate agent who is ready to act on your behalf, in Scotland all offers on a property must be done by a solicitor
If you are prepared to move fast, then being a first time buyer can be advantageous as it means you don’t have a property to sell which could slow down the process for others.
Be prepared to offer over Home Report value
With demand being so high for properties, there is a greater chance that you will need to offer over Home Report value to secure your dream home.
The Home Report value of a property is the figure that can be found in the Home Report, not on the property listing online. This figure is calculated by a property surveyor after a detailed inspection of the property. If you are unsure of how to find out the Home Report value, your solicitor estate agent will be able to help you.
ESPC recently reported that buyers across Edinburgh, the Lothians, Fife and the Borders paid 106.9% of the Home Report valuation on average during October, November and December 2021, an increase of 3.1 percentage points compared to the same time in 2020. Whilst different areas may not go for as much over Home Report valuation, it is important to factor in this expense.
It is also important to highlight that your mortgage amount is based on the Home Report valuation rather than the final amount you actually offer, any additional amount over the Home Report valuation will need to be self funded along with any deposit.
Research schemes that may be able to help you
There is no denying that buying your first home is a very costly experience, and can be financially difficult for many, that’s why it’s important to research the different government schemes that may be able to help you buy your first home.
The main scheme from the Scottish Government is currently the LIFT scheme where you can receive up to 40% towards the price of a property. You can read more about the LIFT Scheme on the Scottish Government website.
Don’t worry if you can’t find a property you love straight away
If you have already started searching for your dream home, you might be noticing that there are not many properties currently on the market to view. It’s important to know that the property market has times of the year that are traditionally busier than others.
The festive season is traditionally a quiet time in the property market, so within the coming weeks the volume of property listings should increase, then listing may slow down slightly again during the summer holiday months, but will pick up again in autumn.
This doesn’t mean you won’t find an amazing property on the market now or at other times, it’s just helpful to keep in mind when you will have the largest amount of choice.
Buying a home can involve viewing several different properties, meaning indoor contact with others.
To ensure you keep yourself and others safe during the full property buying process it’s important to be aware of the latest government guidance for viewings and home moves.